Is Bankruptcy right for me?
The answer depends on several factors. Bankruptcy should always be a last resort. First, does the debtor have mostly secured or unsecured debt? Secured debt is debt backed by collateral. Examples of secured debt are mortgages, vehicle loans, etc. Unsecured debt is not backed by collateral. Examples of unsecured debt include medical bills and credit cards.
Second, has the debt been charged off? If most of the debt has been charged off, the creditor may report it to the credit bureaus but that debt is essentially forgiven and a bankruptcy would do nothing for you regarding that debt.
Next, are your wages being garnished or are there pending lawsuits against you? If so, the bankruptcy will stop the garnishment and most lawsuits unless the garnishment is related to dometic support obligations.
Are the biggest expenses in your life, daily living expenses? If so, bankruptcy probably will not benefit you. You should consult with an experienced bankruptcy attorney to determine whether or not bankruptcy is right for you.
If you have questions about bankruptcy and foreclosure in Florida contact a foreclosure defense and bankruptcy attorney.
Greg Gilbert
Keith Maynard
